A Guide to Avoiding Crypto Scams while Trading

When you become an online trader, you have to prepare to face certain realities. While there are many, the one you have to take seriously from day one is the probability of you landing in a trap. Online scams are very common these days and you have to take every step possible to stop yourself from becoming a victim. 

They say you should keep your friends close and your enemies closer. You’ll have to use that philosophy here by learning about cryptocurrency trading, but even more about cryptocurrency scams. Here are some ways you can avoid these scams and make sure you have the chance of getting a return on every penny you spend.

Know the Early Signs of a Scam

If you know the signs of a scam, you will instantly recognize one and keep yourself from falling in the trap in the first place. The first sign that you are about to be scammed is the company promising you things. There should be no promise of any kind. If the cryptocurrency trading platform you are about to join tells you that you can make X amount of money in X amount of time, they are telling you a lie. They can provide you with resources to help you with trading but never promise you that you will make a certain amount of money in a certain amount of time. 

At the same time, if you notice that they are constantly trying to show you a big dream of becoming rich and changing your lifestyle, and that’s their only way of selling their services to you, then you need to beware. Also, make sure that they have proper regulations in place. 

Read User Reviews Online

Chances are that the broker you are about to pick for trading has already been trusted by many others. You don’t necessarily have to wait to make a mistake to learn a lesson. You can learn from others’ mistakes and this is the best time to do that. Before you join any online platform for trading cryptocurrencies, make sure you read reviews from other customers who joined the platform before you. Now, when it comes to reading reviews about a company, it is important that you realize how you will interpret them. Just because there is one negative review about a company does not mean you should not sign up with it. 

Just about any company in the world will have a negative review about it no matter how good of a job it is doing. So, what you should be looking for is a pattern. If you see a certain issue coming up again and again in user reviews, you can be sure that’s probably a common problem for those who join that platform. If the issue that comes up repeatedly is of a serious nature, such as accusations of it being a scam, you should stay away from it. 

Sign up with a Money Recovery Service

One great way for you to keep your money safe is to sign up with a money recovery service. Payback Ltd is a perfect example of such a company. The primary reason you want to sign up with them is to let them help you know if you are going with the right option. They can provide you with details on the common scammers in the market so you know you are going with the right one. In addition to that, they provide you with professional money recovery services in case you end up losing money to the scam. 

Final Thoughts 

As mentioned earlier, the best way to avoid a scam is to not fall for it in the first place. It’s good news there are companies that can help you get your money back from the scammer even if you have been scammed, but you should not be in that situation in the first place. So, make sure you keep these tips in mind before you agree to sign up and open a crypto trading account.

To Top

Pin It on Pinterest

Share This